The news of the latest YIEDL platform hack, an AI-based crypto exchange, is undoubtedly a serious concern because cryptocurrency seems to pose an increasing risk even in light of emerging cyber security issues. Hackers outsmarted the smart contract partnership solutions and made off with the $157,000 worth of crypto assets.
YIEDL platform breach details
The hackers as the case described, went straight to the YIEDL Y-BULL vault, putting a malicious contract up in the BNB Smart Chain network, so that many redeemings were allowed. The withdrawals continued for like an hour, while the transactions were made to come into another wallet, where they were converted to BUSD on the PancakeSwap smart contract.
YIEDL’s incident took place on the day the Y-BULL vault by BSC network was launched. This vault could be a means of transferring funds, with Y-BULL being the most vulnerable to users who probably transferred their assets as a result of YIEDL’s recommendation.This attracts concerns from users.
Collaborative security efforts
YIEDL and security staff have confirmed the hack and are investigating. The just-released smart contracts version developed by BSC Y-Bull is not currently recommended for users. There are many risks involved in using such DeFi platforms and smart contracts. In this regard, conducting a comprehensive investigation and exercising an appropriate level of caution are keys to staying risk-free and avoiding any possible hacks.
